Binance CEO Says Retail Investors Are Turning to Bitcoin (BTC) and Cryptocurrencies Amid Hyperinflation: Report

A senior executive at the world’s largest cryptocurrency exchange by trading volume has reportedly said retail investors are buying crypto assets as inflation continues to ravage the global economy.

Maximiliano Hinz, Head of Binance in Latin America, says rising global inflation is driving investors to buy Bitcoin (BTC) and other digital assets to protect their fortunes, according to a new report from Reuters.

“Now that we have seen rising inflation around the world, we are seeing more and more people looking to cryptocurrencies, such as Bitcoin, as a hedge against inflation.”

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According to Hinz, Binance is seeing an increase in new users due to inflation and a stronger dollar. Argentina, a country with an annual inflation rate of 71% in July of this year, is one of the best performing cryptocurrency markets. Brazil and Mexico are also among Binance’s largest markets.

According to Hinz, this phenomenon occurs despite the lack of clear regulations for crypto assets in the region.

“Regulation is a framework, but it is not always a bad thing for something not to be regulated. If something is not prohibited, it is legal.

Earlier this month, Binance and Mastercard teamed up to launch a crypto card in Argentina that aims to bridge the gap between digital assets and everyday purchases such as goods, services and bills.

According to the press release, the product is currently in the beta phase but will become widely available in the coming weeks.

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Disclaimer: The opinions expressed in The Daily Hodl are not investment advice. Investors should perform their due diligence before making high-risk investments in bitcoin, cryptocurrency, or digital assets. Please note that your transfers and transactions are at your own risk and any loss you may incur is your responsibility. The Daily Hodl does not recommend buying or selling cryptocurrencies or digital assets, nor is it an investment advisor. Please note that The Daily Hodl is involved in affiliate marketing.

Featured image: Shutterstock / bluecrayola / Fotomay

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